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The saga began in 2006 when a New York-based real estate firm acquired a prime 4.6-acre parcel of land neighboring the Staples Center for $80 million. This strategic location sparked plans for a robust mixed-use project named Fig Central, later rebranded as Oceanwide Plaza. The development promised to include two towers, 860 condos, and a hotel, alongside retail and entertainment spaces, all estimated to cost around $700 million.
However, by late 2008, shortly after construction walls were erected, the financial crisis hit hard. Secure financing proved elusive, leading to the project’s abrupt halt while the site reverted back to its previous use as a parking lot.